Bank of America offers a wide range of innovative receivables solutions that drive efficiencies and cost savings. Our suite of solutions includes market–leading check transformation services that help you leverage Check 21 legislation to advance on the path to paperless.

Solutions

• Remote Deposit Service
• Deposit checks electronically from your desktop
• Expedite check processing and deposit


• Image Cash Letter
• Deposit cash letters electronically using your own hardware and software
• Gain a more efficient alternative to delivering a paper cash letter or deposit to the bank


• ARC Cash Letter
• Convert eligible consumer checks into ACH debits which you can electronically send to us for collection processing
• Reduce time and costs associated with handling paper checks


• RCK (Re–presented Check via ACH)
• Convert eligible consumer paper checks returned for insufficient or uncollected funds into ACH debits
• Obtain faster collection on returned items

• Wholesale Lockbox
• Process and deposit your corporate–to–corporate receivables through our extensive lockbox network
• Reduce mail, processing and availability float


• Image Wholesale Lockbox
• Access images of remittance details, checks and related correspondence online throughout the day
• Apply cash faster, update credit lines more quickly and provide better customer service through online research capabilities


• Image Lockbox Expanded Data Capture (healthcare industry)
• Automate the capture and matching of explanation of benefits data to open claims. Receive payment information in a HIPAA–compliant file and with images available via the Web
• Improve your revenue cycle and eliminates paper–based processing


• Wholesale Scannable Lockbox
• Gain a single lockbox solution for collecting and processing corporate–to–corporate scannable retail payments and wholesale payments; access remittance information via the Web
• Reduce information float and get faster access to cash

• Remote Payments Online
• Offer multiple payment options to your customers including Web, telephone and customer call center
• Reduce day’s sales outstanding and enable faster collection on outstanding invoices


• ACH
• Collect funds and make payments electronically through the national ACH network
• Improve processing efficiency and accuracy while reducing expenses


• Electronic Billing and Payment
• Extend Web–based electronic billing and payment to your consumers for online billing and payment
• Eliminate check float and reduce expenses associated with mailing invoices


• PayMode Concentrator®
• Receive and post consumer payments using a streamlined and cost-effective method
• Consolidate consumer payments from all of your online bill payment providers and receive a single file for electronic posting
• Update your accounts receivables automatically through a direct integration with your accounts receivable system or data access via the PayMode user interface

• Cash Letter
• Reduce check–clearing fees and potentially improve funds availability by leveraging our scale as the largest check–clearing bank in the U.S.


• ERIN+ (Electronic Return Item Notification)
• Receive returned check data to you electronically
• Get information on check returns more quickly to expedite the collection process on returned items sooner

• Tap into a wide range of services for handling nationwide coin and currency deposit activity, monitoring deposits, mobilizing funds and reconciling accounts
• Leverage our extensive vault footprint, which extends into 109 markets
• Use our image capabilities to gain timely Web access to deposits and adjustments.

• The Receivables Network
• Use a single information source for all your electronic and paper remittances, delivered in a file format that you specify (BAI and EDI X12, 820 or 823)


• Receipts Direct
• Manage your receipts online for ACH, wire and lockbox payments, as part of our integrated, Web–based information reporting and transaction-initiation service

For information regarding the terms and conditions that apply to the services mentioned, please contact your Bank of America representative.